Base metals prices halted their rally post the sell-off from the recent highs. LME copper managed to end in green for the week at $6,710/mt despite selling in riskier assets, according to HDFC Securities report.

 

Zinc and nickel prices pared previous gains on dollar recovery. LME zinc prices declined on widening contango which signalled supply pressure for the short term. 

 

Copper prices got support from strong fundamentals on improved economic data and lower supplies. The LME copper prices have sustained above the key resistance above $6,645/mt on the weekly chart. Copper prices are expected to continue the bullish trend with resistance at $6,950/mt. 

Leave a Reply

Your email address will not be published.